Nxt (NXT) Price

Decentralised cryptocurrencies are something that all of us are quite familiar with. The dramatic surge in the value of Bitcoin took the world by storm and started a revolution in the field of blockchain technology. As a result, many developers came up with their own range of cryptocurrencies built on the back of Bitcoin blockchain, while others went down a different path to develop their own blockchain with applications far beyond the typical virtual currencies.

Nxt is one such platform which took the technology behind the first generation cryptos like Bitcoin and improvised on it from scratch to come up with ‘Blockchain 2.0.’

What is Nxt?

Simply put, Nxt is an open source blockchain platform and a payment network with many features, all of which rely on its blockchain technology. These core features are:

Decentralised Asset Exchange - The Nxt Asset Exchange is a peer-to-peer exchange that can be used for trading in Nxt Assets. Considering that it is built into the Nxt blockchain, the Nxt Asset Exchange is a decentralised entity and it eliminates the need for transferring assets to a third party. The Nxt Assets can be utilised to represent anything of value, ranging from Bitcoin to airline miles, and are built on the top of Nxt blockchain.

Marketplace - Nxt Marketplace is another exciting feature offered by the Nxt platform wherein, users can list their digital goods for sale, without the use of middlemen or third-party sites. The items are listed on the Nxt blockchain and transactions are done directly between the buyer and the seller.

Data Cloud - The data cloud service offered by Nxt is nothing but a decentralised data storage system. In this case, the Nxt blockchain is utilised to store user-defined data, thus providing a secure, permanent and an immutable record of information. This makes it suitable for storing crucial documents like contracts, wills, licences, et cetera.

Monetary System - With the help of Nxt Monetary System, users can create their own currencies with the ability to back them up with NXT tokens. These currencies can be traded on the decentralised Nxt Asset Exchange or external exchanges.

The other features include voting, messaging, creating aliases, coin shuffling, et cetera.

With Nxt, it is also possible to create applications on its blockchain.

Hence, it can be seen that Nxt has taken the traditional blockchain and enhanced it to make it feasible for a whole range of decentralised applications. Instead of relying on third-party sites, users can utilise the Nxt platform to interact with other users directly, be it for exchanging assets, buying or selling digital goods, or creating their own currency. And needless to mention, the information of all Nxt transactions are embedded on the Nxt blockchain.

In order to utilise these services in the Nxt blockchain ecosystem, users need to pay fees with NXT tokens. You can think of NXT as the native cryptocurrency that is essential for the functioning of the Nxt platform. NXT tokens are also utilised to create assets, decentralised polls, storing data on the Nxt blockchain, pay transaction fees, et cetera.

A total of 1 billion NXT tokens were created by the developers with no provision for mining, whatsoever. Therefore, the supply of NXT tokens is finite and all the NXT coins that ever will be, have already been created.

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Where to buy NXT cryptocurrency?

NXT tokens are available for purchase on the leading cryptocurrency exchanges like Bittrex, Changelly, Stocks.Exchange, HitBTC, Poloniex, Aex.com, CCEX, and many more.

NXT Wallet

The best way to store NXT tokens is by utilising the official NXT wallet, available on the website of Nxt Platform. This is available across all the major operating platforms like Windows, Linux, Mac, and Android.

Apart from the official wallet, users can also look into other popular variants out there like Jaxx, Nano Ledger S, et cetera.

NXT Token Mining

As mentioned earlier, a total of 1 billion NXT tokens have already been created with no provision for further creation. Furthermore, Nxt utilises proof-of-stake model in order to reach consensus, which means that it is not possible to mine NXT tokens.

NXT Price Trends

Just like every other cryptocurrency in the market, the price of NXT token moved up dramatically towards the end of 2017, although this spike was not as massive as that of other cryptos like Bitcoin and Ether. 1 NXT token was worth approximately 0.066 USD in October 2017, and the same in late December was worth roughly $1.70. Needless to mention, NXT failed to sustain this rally for long and its price dropped soon thereafter.

Risks associated with NXT

Nxt utilises the blockchain technology effectively to improve its sphere of applications and takes it beyond the traditional cryptocurrency route. As far as NXT tokens are concerned, they are the inherent currency of the Nxt ecosystem and should be perceived as such, rather than an opportunity to make a quick buck in a short span of time.

Furthermore, cryptocurrencies like NXT are subject to extreme volatilities in the market. Its legality is another issue that has plagued the investors. As more and more authorities across the world crackdown on these cryptos, it becomes increasingly difficult to expect a surge in its value.

Therefore, instead of risking money in these volatile instruments, it is better to go with traditional, safer investments like mutual funds. Not only are they legal and well-governed, but they are also not subjected to such an extreme amount of risk and volatility.

NXT Cryptocurrency News & Developments

Considering the price of NXT token, it hasn’t varied greatly since February 2018. Prior to that, the decentralised currency enjoyed a phenomenal run driven by the hype in the cryptocurrency space. The price went well past the $1.50 mark in December 2017 and around the same time, the token’s 24 hour price volume was varying at levels more than $400 million.

The cryptocurrency space underwent a paradigm shift in February. This was on account of crackdown by various international governments on decentralised currencies, along with the prices of popular currencies like Bitcoin and Ethereum tumbling down. Consequently, the investors lost faith and went on a selling spree. NXT was one of the many tokens that suffered as a result of this massive sell-off. Therefore, by early March, the price of 1 NXT token was back to its previous level at $0.16.

This sell-off continued over the course of the year. The price kept going down and eventually, it went below the $0.1 mark. As of late October, the price was seen varying at level close to $0.06. Around the same time, the 24 hour price volume was close to $1.2 million.

Disclaimer:

"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.

A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."